Financial Statement Jagiellonian University Krakow, 24 Gołebia Street Tel. (0-12) REGON PKD (EKD)

Transcription

1 Financial Statement Jagiellonian University Krakow, 24 Gołebia Street Tel. (0-12) REGON PKD (EKD) A Introduction to the financial statement 1. The name and location, the primary object of the unit and the designation of the competent court or other authority conducting the register. The Jagiellonian University based in Krakow being a state school of higher education (foundation charter in 1364), subordinated to the edicts and legislation of the Ministry of Education and Science, as well as the Ministry of Health in that part of its undertakings that pertain to Collegium Medicum (The University s Medical College) is a legal entity. The seat of the University authorities being at Gołębia Street 24, , Krakow, Poland. The University s legal basis and operative status is based upon: 1)The act passed on 27 July 2005; the Act on Higher Education ( Official Legal Gazette No. 164, item 1365, with later amendments), 2) The statute of the Jagiellonian university passed by the Senate of the Jagiellonian University on 7 June 2006, with amendments. 3) The Jagiellonian University s organizational regulations. The University is not subject to registration in a separate register. The subject of the University s activities is: 1) a fundamental form of activity encompassing the conducting of academic research, student and academic staff instruction, education and tuition, the development and propagation of Polish culture, as well as the broadening of knowledge within society at large. 2) an auxiliary function experimental, economic or service in nature, 3) administrative activities of the University subordinate to its fundamental activities, 2. The duration of the unit, if limited in scope. Not applicable. 3. The period covered by the financial statement: The annual financial statement was prepared for the period 01 January 2010 to 31 December Indication as to whether the financial statement incorporates combined data, whether the university comprises internal organizational units which conduct independent accounts and financial statements. The financial statement incorporates combined data. The following independent subsidiary undertakings conducting independent accounts and financial statements operate within the framework of the Jagiellonian University: 1) Collegium Medicum, the Jagiellonian University s medical college in Krakow, 2) The Łazy Agricultural Research Institute in Rzezawa, 3) The Pod Berłami Conference Centre in Zakopane. 5. Indication as to whether the accounts and financial statement have been prepared with a view to the continuation of economic activities on the part of the undertaking in the foreseeable future as well as indication as to whether there are any risks pertaining to the continuation of activities by the said. The financial statement was drawn up upon the assumption that activities would be continued within the foreseeable future. The financial situation of the Jagiellonian University is stable with no known circumstances that could endanger the said continuation of activities.

2 6. In the case of a financial statement covering a period during which a merger took place indication should be made that the statement was drawn up following such a merger, as well as indication of the methods employed under which the merger was accounted (i.e., acquisition, merger shares). Not applicable. 7. An overview of accounting method policies adopted, including valuation of assets and liabilities, measurement of financial results and the means by which the financial statements were drawn up, in as far as the law enables the undertaking the right to choose. Methods of asset and liability valuation and the determination of financial results: Assets and liabilities are valued according to the principles of the Act on Accounting, however: 7a) Fixed assets and intangible and legal assets - at cost of purchase, decreased by accumulated depreciation and remission as well as charge-offs related to the fixed loss of value. 7b) Fixed assets under construction: according to the purchase price and the remaining production costs remaining in direct relation to their acquisition or production, decreased by charge-offs resulting from a fixed loss of value. 7c) Purchases related to both taxable and tax exempt sales incorporated a 15% rate of VAT, 7d) Shares and stocks according to the acquisition prices, decreased by charge-offs in fixed value. 7e) Product reserves according to the purchase prices (actual), material outgoings on the basis of the first in, first out method. 7f) Production in progress to the amount of direct production costs as well as of valid indirect costs. 7g) End products according to production costs not exceeding the net sale price. 7h) monies, capital (funds), other assets and liabilities based on nominal value. 7i) Determination of rates of depreciation: - Buildings and structures in accordance with the Act on Higher Education are only amortized within the obligation of the primary fund - Fixed assets from groups 3-8: Newly purchased and adopted from construction straight-line depreciation, Used individual method, The law on perpetual land use individual method Licences for computer programs and copy right 24 months, - Fixed assets purchased for project realisation individual method in accordance with the agreement duration, in as far as the agreement is not worded differently, - Academic-research apparatus and equipment is included in fixed assets and amortized once which is charged in the month of purchase the costs of academic-research activities 7j) The value of realised receivables creating a charge-off actualising impairment charges and interest rate risk. 7k) The value of liabilities is shown in the amount requiring payment. 7l) The Jagiellonian University has prepared a statement of profits and losses in a comparative form, and a statement of indirect monetary flow. Assistant Bursar Bursar Rector Teresa Kapcia M.A. Dr. Maria Hulicka Professor Karol Musioł Krakow, 09 May 2011

3 Consolidated Income and Expenditure Account of Entities Excluding banks and insurers For the year ended 31 December 2010 (All figures given in Polish Zloty (PLN) to two decimal points) The Jagiellonian University, The Jagiellonian University s medical college Collegium Medicum, the Łazy Agricultural Research Institute, the Pod Berłami Conference Centre ASSETS Beginning of working year A. Fixed assets I. Intangible fixed assets 1. Research and development expenditure 2. Goodwill 3. Other intangible fixed assets 4. Advances payments for intangible and legal assets II. Tangible fixed assets 1. Tangible fixed assets in use a) land, (including the right to perpetual usufruct) b) buildings, premises, engineering objects water and land c) technical equipment, machines including: - computer units (item KST no. 491) d) means of transportation e) other fixed assets - electronic control-measurement apparatus for laboratory research (item KST no. 801) 2. Fixed assets under construction 3. Advance payments for fixed assets under construction III. Long term accounts receivable 1. From related entities 2. From other entities IV. Long term investments 1.Real estate 2. Intangible and legal assets 3. Long-term financial assets a) in related entities --shares or stocks --other securities --loans granted --other long term financial assets b) in other entities --shares or stocks --other securities --loans granted --other long term financial assets 4. Other long term investments V. Long term settlements in the midterm 1. Assets from deferred income tax 2. Other midterm settlements B. Current assets I. Stocks held 1. Materials (supplies) 2. Semi-finished products and products under realisation 3. Finished products 4. Goods 5. Advances on delivery II. Short term accounts receivable 1. Receivables from related entities a) receivables for deliveries, services, terms of repayment: --up to 12 months --over 12 months b) others 2. Receivables from other entities a) receivables for deliveries, services, terms of repayment: --up to 12 months --over 12 months b) receivables for taxes, donations, social security payments, health insurance and other benefits c) others d) court claims III. Short-term investments 1. Short-term financial assets a) in related entities --shares or stocks --other securities --loans granted --other short-term financial assets b) in other entities --shares or stocks --other securities --loans granted --other short-term financial assets c) monies and other monetary assets --pecuniary assets held in accounts --other monies --other monetary assets 2. Other short-term investments IV. Short-term prepayments and accruals End of working year Total assets

4 Consolidated Income and Expenditure Account of Entities Excluding banks and insurers For the year ended 31 December 2010 (All figures given in Polish Zloty (PLN) to two decimal points) The Jagiellonian University, The Jagiellonian University s medical college Collegium Medicum, the Łazy Agricultural Research Institute, the Pod Berłami Conference Centre LIABILITIES Beginning of the working year End of the working year A. Own capital (funds) I. Primary (fundamental) funds II. Called up share capital (negative value) III. Own shares (negative value) IV. Supplementary capital V. Revaluation reserve VI. Other reserve capitals (funds) VII. Profit (loss) from previous years VIII. Net profit (loss) IX. Write-off on net profit during the financial year (negative value) B. Liabilities and provisions for liabilities I. Provisions for liabilities 1. Provision for deferred income tax 2. Provision set aside for retirement pensions and other benefits --long-term --short-term 3. Other provisions --long-term --short-term II. Long-term liabilities 1. To related entities 2. Towards other entities a) credits and loans b) issue of indebted securities c) other financial liabilities d) others III. Short-term liabilities 1. To related entities a) for deliveries and services, in a due time of --up to 12 months --over 12 months b) others 2. To other entities a) credit and loans b) issue of debt securities c) other financial liabilities d) for deliveries and services, in a due time of --up to 12 months --over 12 months e) received advances on deliveries f) promissory notes g) from taxes, duty, insurance and other benefits h) for remuneration (pay) i) others 3. Special Funds a) University welfare benefit fund b) Student financial assistance c) The University s scholarship fund d) Implementation fund e) other special funds IV. Prepayments and accruals 1. Negative goodwill Other accruals --long-term --short-term Total Liabilities Assistant Bursar Bursar Rector Teresa Kapcia M.A. Dr. Maria Hulicka Professor Karol Musioł Krakow, 09 May 2011

5 Consolidated Statement of Total Recognised Gains and Losses for the period from 01 January to 31 December 2010 (All figures given in Polish Zloty (PLN) to two decimal points) The Jagiellonian University, The Jagiellonian University s medical college Collegium Medicum, the Łazy Agricultural Research Institute, the Pod Berłami Conference Centre Inventory Previous year Current year A. Net revenues from sales of products, goods and materials, including: --from related entities I. Net revenues from sales of products State budget grants for statutory activities II. Change in product state (increase-positive value, decreasenegative value) III. Product production cost for an entity s own requirements IV. Net revenue from product and material sales B. Operational activity costs I. Depreciation including: the value of 100% depreciation write-offs II. Material and energy usage III. External services including: repair and maintenance services IV. Taxes and payments, including: --excise (duty) tax --VAT V. Remuneration VI. Social security payments and other benefits VII. Other costs including: --the purchase of research and scientific equipment --travel and related costs VIII. The value of sold products and materials C. Gross profit (loss) on sales (A-B) D. Other operating revenues I. Profit on non-financial fixed asset disposal II. Subsidies III. Other operating revenues E. Other operational expenses I. Loss on non-financial fixed asset disposal II. Updating of fixed asset values III. Other operational expenses F. Profit (loss) from operational activity (C+D-E) G. Financial revenue I. Dividends and shares in profits, including: -- from related entities II. Interest, including: -- from related units III. Profit from investment sales IV. Updating investments value V. Others including: --exchange value differences H. Financial costs I. Interest, including: -- from related entities II. Losses from investment sales III. Updating investment values IV. Others including: --exchange value differences I. Profit (loss) on business activities (F+G+H) J. Result of extraordinary events (J.I-J.II) I. Extraordinary profits II. Extraordinary losses K. Gross profit (loss) (I+/-J) L. Income Tax M. Other statutory reductions in profit (increases in loss) N. Net gain (loss) (K-L-M) Assistant Bursar Bursar Rector Teresa Kapcia M.A. Dr. Maria Hulicka Professor Karol Musioł Krakow, 09 May 2011

6 Consolidated Statement of Changes in Equity (funds) for the period 01 January to 31 December 2010 (All figures given in Polish Zloty (PLN) The Jagiellonian University, The Jagiellonian University s medical college Collegium Medicum, the Łazy Agricultural Research Institute, the Pod Berłami Conference Centre Inventory Previous year Current year I. Opening balance of equity -- adjustments of fundamental errors I.a. Opening balance of equity after adjustments 1. Opening balance of equity --adjustments of fundamental errors 1.a Opening balance of equity after adjustments 1.1 Changes in share capital (funds) a) increase (due to) --additional fixed assets construction funding (non-depreciatory) --net profit from the previous year --donations of fixed wealth from group II and I --disclosing (of fixed wealth) --acceptance of buildings and constructions --others b) decrease (due to) --amortization of shares --amortization of fixed assets --covering the costs of previous year s losses 1.2 Closing balance of share capital (fund) 2. Opening balance of called up share capital 2.1 Changes in called up share capital a) increases b) decreases 2.2 Closing balance of called up share capital 3. Opening balance of own shares a) increases b) decreases 3.1 Closing balance of own shares 4. Opening balance of supplementary capital 4.1 Changes in supplementary capital a) increases (due to) -- share issue above nominal value -- from profit distribution (statutory) -- from profit distribution (over the statutory minimum value) b) decreases (due to) -- loss coverage 4.2 Closing balance of supplementary capital 5. Opening balance of revaluation reserve 5.1 Changes in revaluation reserve a) increase (due to) b) decrease (due to) -- sales of tangible fixed assets 5.2 Closing balance of revaluation reserve 6. Opening balance of other reserve capitals 6.1 Changes in other reserve capitals a) increase due to b) decrease due to 6.2 Closing balance of other reserve capitals 7. Opening balance of profit (loss) from previous years 7.1 Opening balance of profit from previous years -- adjustments of fundamental accounting errors 7.2 Opening balance of previous years' profit, after adjustments a) increase due to -- distribution of previous years profit b) decreases (due to) -- distribution of previous years profit (transfer to primary fund) 7.3 Closing balance of previous years' profit 7.4 Opening balance of previous years' loss -- adjustments of fundamental errors 7.5 Opening balance of previous years' loss, after adjustments a) increase (due to) -- previous years loss brought forward b) decrease (due to) 7.6 Closing balance of previous years' loss 7.7 Closing balance of previous years' profit (loss) 8. Net result a) net profit b) net loss c) write-offs on profit II. Closing balance of equity III. Equity including proposed profit distribution (loss coverage) Assistant Bursar Bursar Rector Teresa Kapcia M.A. Dr. Maria Hulicka Professor Karol Musioł Krakow, 09 May

7 Consolidated Cash Flow Statement for the period from 01 January to 31 December 2010 (All figures given in Polish Zloty (PLN)) The Jagiellonian University, The Jagiellonian University s medical college Collegium Medicum, the Łazy Agricultural Research Institute, the Pod Berłami Conference Centre Inventory Previous Year Current year A. Cash flows from operating activities I. Net gain/net loss II. Total adjustments 1. Depreciation 2. Currency exchange gains (losses) 3. Interest and profit sharing (dividends) 4. Profit (loss) on investment activities 5. Changes in provisions 6. Changes in stock 7. Changes in receivables 8. Change in short-term liabilities excluding credits and loans 9. Change in prepayments and accruals 10. Other adjustments III. Net cash flows from operating activities (I +/- II) B. Cash flows from investment activities I. Inflows 1. Disposal of intangible and tangible fixed assets 2. Disposal of investments in real estate and in intangible and legal assets 3. From financial assets, including: a) in related parties --sale of financial assets --dividend and profit sharing --repayment of granted long-term loans --interest --other inflows from financial assets b) in other entities --sale of financial assets --dividend and profit sharing --repayment of granted long-term loans --interest --other inflows from financial assets 4. Other inflows from investment activities II. Outflows 1. Purchase of intangible assets and tangible fixed assets 2. Investments in real estate and intangible and legal assets 3. For financial assets, including: a) in related entities --purchase of financial assets --long-term loans granted b) in other entities --purchase of financial assets --long-term loans granted 4. Other outflows from investment activities III. Net cash flows from investment activities (I-II) C. Cash flows from financial activities I. Inflows 1. Net inflows from the issue of shares and other capital instruments and from capital contributions 2. Credits and loans 3. Issue of debt securities 4. Other inflows from financial activities II. Outflows 1. Purchase of own shares 2. Dividend and other payments to shareholders 3. Profit distribution liabilities other than profit distribution payments to shareholders 4. Repayment of credits and loans 5. Redemption of debt securities 6. Payment of other financial liabilities 7. Payment of liabilities arising from financial leases 8. Interest 9. Other outflows from financial activities III. Net cash flows from financial activities (I-II) D. Total net cash flows (A.III. +/- B.III +/- C.III) E. Balance sheet change in cash, including: --change in cash due to currency exchange rate differences F. Opening cash balance G. Closing cash balance (F+/-D), including: --of limited disposability Assistant Bursar Bursar Rector Teresa Kapcia M.A. Dr. Maria Hulicka Professor Karol Musioł Krakow, 09 May

8 Independent auditors report to the Senate of the Jagiellonian University in Krakow. We have audited the attached, consolidated financial statement of the Jagiellonian University, with its seat at Gołebia Street 24 in Kraków , which consists of: 1) an introduction to the consolidated financial statement, 2) the consolidated balance sheet on the day of , closing on the side of assets and liabilities to the amount of: 2,643,267, Polish Złoty (PLN) 3) the total account for profits and losses for the fiscal year from to displaying a net profit to the amount of 24,066, Polish Złoty (PLN), 4) the statement of changes in total equity (fund) for the fiscal year from to displaying an increase in equity to the amount of 31,251, Polish Złoty (PLN), 5) the consolidated cash flow statement for the fiscal year from to displaying an increase in monies to the amount 15,921, Polish Złoty (PLN) 6) additional information and explanations pertaining to the consolidated financial statement. The preparation of a consolidated financial statement in accordance with the applicable provisions is the responsibility of the rector of the Jagiellonian University. The rector of the Jagiellonian University and members of the Senate or any other body overseeing the Jagiellonian University in Krakow, are obliged to ensure that the consolidated financial statement meets the requirements as stated under the Act of 29 September 1994 on Accounting (Official Legal Gazette of 2009, No. 152, item 1223 with subsequent amendments.), referred to as the Law on Accounting. Our responsibility was to research and express an opinion in compliance with applicable accounting principles (policy) of the consolidated financial statements as to whether it fairly and clearly presents, in all material respects, the financial position as well as the consolidated financial results of the Jagiellonian University and the accuracy of the accounts based on our audit. The audit of the combined financial statement has been conducted in accordance with the provisions of: 1) Chapter 7 of the Accounting Act 2) national and auditing standards issued by the National Council of Chartered Accountants in Poland, 3) The Act on Higher Education of 27 July 2005 (Official Legal Gazette of 2005 No. 164, item 1365 with subsequent amendments) The audit of the consolidated financial statement was planned and conducted in such a way as to obtain a reasonable basis for expressing an opinion thereon. In particular, the audit included a report on the accuracy of the Jagiellonian University s accounting principles (policies) and the significant estimates, checking primarily on a random basis - the evidence and accounting

9 records supporting the amounts and disclosures in the consolidated financial statement and evaluating the overall consolidated financial statement. We believe that our audit provides a reasonable basis for our opinion. In our opinion the audited combined financial statement, in all relevant respects: a) gives true and fair information, essential for evaluating the financial position of the Jagiellonian University as of , as well as its overall financial results for the fiscal year from to b) has been prepared in accordance with the necessary application of principles (policy) on the basis of accounting and properly maintained accounting records, c) is in compliance with the laws and decisions of the Jagiellonian University which may affect the content of the financial statement. Ireneusz Biernat register number chief auditor conducting the audit on behalf of BDI Audit Sp. z o.o Krakow Śliczna Street 30, apt.47, Authorized to audit financial statements No Krakow, 16 May 2011

10 Resolution No. 31/V/2011 of the Jagiellonian University Senate 25 May 2011 On the matter of: the approval of the consolidated financial statement for the year 2010 at the Jagiellonian University and division of the combined financial result of the Jagiellonian University for the year Acting pursuant to 133 of the Statute of the Jagiellonian University, the Senate adopted and approved in an open vote the combined financial statement of the Jagiellonian University for the year 2010, submitted by the Bursar of UJ, consisting of: 1) The aggregate balance sheet on closing on assets and liabilities to the amount of: 2,643,267, PLN 2) the consolidated income statement for the period , showing a net profit to the amount of 24,066, PLN 3) a summary of changes in shareholders equity on the day of , showing an increase in capital to the amount of: 31,251, PLN 4) the consolidated cash flow statement for the period from , showing an increase in cash to the amount of: 15,921, PLN Net income to the amount of 24,066, PLN consists of: 1) the University s net profit of 10,953, PLN 2) Net loss for the Łazy Agricultural Research Institute - 152, PLN 3) Net loss for the Pod Berłami Conference Centre - 30, PLN 4) Net profit for the Medical College 13,295, PLN Simultaneously the Senate of the Jagiellonian University approved the division of the financial results for the year 2010 proposed by the Bursar of the JU. 1) The Jagiellonian University s profit is to be allocated to the University s Primary Fund. 2) The Łazy Agricultural Research Institute s loss will be covered by the Agricultural Research Institute s Primary Fund. 3) The Conference Centre s loss will be covered by the Centre s Primary Fund. 4) The Medical College s profit will be allocated to enhance the Medical College s Primary Fund.